EIB unveils offshore wind initiative and strengthens backing for Indian renewables with SBI and Yes Bank

The world’s largest international financier for renewable energy, the European Investment Bank, has confirmed new backing for investment across India. The EIB will increase support for onshore wind investment through expansion of an existing lending programme with the State Bank of India, has approved a new credit line with Yes Bank to accelerate private investment in wind and solar projects and expects to work closely with Indian partners to support offshore wind projects.

“Scaling up renewable energy investment is crucial for economic growth, improving access to energy and addressing climate change and support for renewable is a key priority for the European Investment Bank, the EU Bank, here in India. The EIB is pleased to host our first offshore wind investment conference in New Delhi and bring together technical and financial expertise from across India and the European Union’s unique global experience in the sector. We look forward to broadening cooperation with Indian partners to support new renewable energy projects in the months ahead and enabling offshore wind to contribute to clean power generation in the country.” said Andrew McDowell, Vice President of the European Investment Bank responsible for Energy and South Asia.

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